Myomo® Receives First Australian Insurance Authorization for MyoPro

Additional Authorizations Across Australia are Expected to Follow

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Myomo, Inc. (NYSE American: MYO) (“Myomo” or the “Company”), a wearable medical robotics company that offers increased functionality for those suffering from neurological disorders and upper-limb paralysis, today announced that a Myomo-trained Orthotic & Prosthetic (“O&P”) practice in Australia has received its first insurance authorization to fit a patient with a custom MyoPro device. This is the first authorization following Myomo’s entry into Australia as part of its international expansion initiative.


The practice, X-Tremity Prosthetics and Orthotics, is located in New South Wales and is operated by Jens Baufeldt. It is supported locally by NeuroMuscular Orthotics (“NMO”), Myomo’s distributor in Australia and New Zealand.

According to Priya Armstrong, Senior Orthotist at NMO, “The patient is a 17-year-old male who was involved in a motor vehicle accident two years ago. This resulted in a traumatic brain injury that left him with upper and lower limb deficits on his left side. We are looking forward to MyoPro helping to restore function to his arm and hand to assist him with the activities of daily living. We hope to receive more insurance approvals as awareness of the benefits of MyoPro become known throughout Australia.”

Jon Naft, Myomo Vice President and General Manager, International, said “We are pleased that our Australian distribution partners have worked with local payers to obtain the first approval for the MyoPro. Clinicians have created a pipeline of qualified patients across Australia awaiting such approval, and now that this first one has been received, we are hopeful many more will follow. Australia represents an excellent market opportunity for us.”

About Myomo

Myomo, Inc. is a wearable medical robotics company that offers improved arm and hand function for those suffering from neurological disorders and upper limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury. It is currently the only marketed device that, sensing a patient’s own EMG signals through non-invasive sensors on the arm, can restore an individual’s ability to perform activities of daily living, including feeding themselves, carrying objects and doing household tasks. Many are able to return to work, live independently and reduce their cost of care. Myomo is headquartered in Cambridge, Massachusetts, with sales and clinical professionals across the U.S. and representatives internationally. For more information, please visit www.myomo.com.

Forward Looking Statements

This press release contains forward-looking statements regarding the Company’s future business expectations, including benefits expected from business in Australia and the receipt of insurance approvals from third party payers, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors.

These factors include, among other things:

  • our sales and commercialization efforts;
  • our relationships with distribution partners for our products;
  • our ability to achieve reimbursement from third-party payers for our products;
  • our dependence upon external sources for the financing of our operations, to the extent that we do not achieve or maintain cash flow breakeven;
  • our ability to effectively execute our business plan and scale up our operations;
  • our expectations as to our development programs; and
  • general market, economic, environmental and social factors, including the ongoing COVID-19 pandemic, that may affect the evaluation, fitting, delivery and sale of our products to patients.

More information about these and other factors that potentially could affect our financial results is included in Myomo’s filings with the Securities and Exchange Commission, including those contained in the risk factors section of the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q and other filings with the Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Although the forward-looking statements in this release of financial information are based on our beliefs, assumptions and expectations, taking into account all information currently available to us, we cannot guarantee future transactions, results, performance, achievements or outcomes. No assurance can be made to any investor by anyone that the expectations reflected in our forward-looking statements will be attained, or that deviations from them will not be material and adverse. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.


Contacts

For Myomo:
ir@myomo.com

Investor Relations:
Kim Sutton Golodetz
LHA Investor Relations
kgolodetz@lhai.com
212-838-3777

Public Relations:
Kate McCann
Matter Communications
myomo@matternow.com